Tech Analyst Dan Ives: Microsoft Azure Is Seeing a "Clear Uptick" in Artificial Intelligence (AI) Spending. Here's What It Means for the Stock.
The level of excitement regarding the growing adoption of artificial intelligence (AI) has been palpable this year, and 2023 may well go down in history as the year AI came of age. Much of the focus early on centered on Nvidia (NASDAQ: NVDA), which supplies the state-of-the-art graphics cards that bring this technology to life, and the company's stellar financial results leave little room for doubt. In its fiscal 2024 second quarter (ended July 30), revenue surged 101% year over year to $13.5 billion, while diluted earnings per share (EPS) of $2.48 soared 854%.
Yet Nvidia isn't the only way to play the ongoing AI boom. As the result of a set of strategic chess moves, (NASDAQ: MSFT) positioned itself to profit from this secular tailwind -- and sooner than many investors might imagine. Veteran Wedbush tech analyst Dan Ives argues that "the adoption curve is happening quicker than expected" for Microsoft and could significantly boost its fortunes in the years to come.
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Source Fool.com
Microsoft Corp. Stock
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As a result the target price of 427 € shows a slightly positive potential of 9.9% compared to the current price of 388.55 € for Microsoft Corp..
